Where does Right To Health Stand! 95 Pc Of Healthcare Expenses In India Out-Of-Pocket, Most Health Segments Not Covered By Insurance Or Instant Credit Options

Kolkata, Dec 28: The Buy Now Pay Later (BNPL) category is expected to grow into a $50bn credit industry by 2028 in India, where a large chunk of the population is unable to meet their health expenditure or end up settling for sub-optimal products and treatments, according to industry sources.
Indians spend over $40 billion per annum on healthcare and as per industry estimates, nearly 95 per cent of this is paid out-of-pocket.
As per industry estimates, elective healthcare in India Is a $20 billion market with eye care, dental, diagnostics, veterinary, cosmetics and fertility being some of the largest categories, Jitin Bhasin, Founder & CEO, SaveIN, a new age fintech company, said on Tuesday.
These categories are growing between 10 per cent-25 percent compounded annually.
Interestingly, most of these health segments are in-clinic processes and generally not covered by insurance or instant credit options.
Currently, BNPL offers have largely been confined to financing online purchases, that are largely impulse based categories like apparels, cosmetics, gadgets, food etc.
COVID-19 has led to a significant alteration in outlook towards individual health. Consequently, Indians are becoming increasingly sensitive to the benefits of timely and quality healthcare.
The BNPL option has transformed the retail sector and healthcare is widely expected to be the next frontier that is best placed for disruption using this new age deferred payment solution, says Bhasin.
SaveIN has launched an offline BNPL product for financing need-based healthcare expenses, at physical points of care and they are calling it ‘Care Now Pay Later’ (CNPL).
It has tied up with over 100 healthcare providers in Delhi, Gurgaon and Noida addressing key health segments physiotherapy, fertility among others.